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Ahead of the release of U.S. retail sales data, WTI prices continued to pump, breaking through $70.50.
Gate News bot message, during Tuesday's Asian trading session, the trading price of the U.S. crude benchmark West Texas Intermediate (WTI) was approximately $70.60. Influenced by ongoing geopolitical risks in the Middle East, WTI prices rose slightly. The American Petroleum Institute (API) will release its weekly crude oil inventory data later on Tuesday.
On Monday, Israel attacked the Iranian national broadcaster, while the head of the UN nuclear watchdog reported that Iran's largest uranium enrichment facility was severely damaged.
A senior commander stated on Saturday that Iran is considering closing the Strait of Hormuz. Goldman Sachs indicated that the Strait of Hormuz is responsible for delivering about one-fifth of the world's oil to global markets. Closing the Strait of Hormuz could drive up oil prices. Concerns about a broader war in the region potentially disrupting crude oil supplies continue to support WTI prices.
Source: FXStreet